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IMF EXECUTIVE BOARD APPROVES $84 MILLION DISBURSEMENT FOR ARMENIA
http://www.armradio.am/en/2013/07/02/imf-executive-board-approves-84-million-disbursement-for-armenia/
11:13 02.07.2013
Armenia, IMF
The Executive Board of the International Monetary Fund (IMF)
today completed the sixth and final review of Armenia's economic
performance under a program supported by Extended Fund Facility (EFF)
and Extended Credit Facility (ECF) arrangements. The completion
of the review allows the authorities to draw an additional SDR 55
million (about US$84 million), bringing total disbursements under
the arrangements to the full SDR 266.8 million (US$407.2 million)
available. The three-year EFF and ECF arrangements with Armenia were
approved by the IMF's Executive Board on June 28, 2010. The Board's
decision on the sixth review was taken on a lapse of time basis.
Policies have largely delivered on the objectives of the
EFF/ECF-supported program, which concludes in September. Growth reached
4.7 percent in 2011, 7.2 percent last year, and continues to be strong
in 2013. Inflation has remained below the CBA's 4 percent target,
and shocks have been short-lived. The Central Bank of Armenia (CBA)
has permitted greater flexibility of the dram over the past year,
rebuilt reserves following sizeable intervention May-June 2012, and
strengthened the monetary framework and operations. The CBA has also
moved decisively to implement Financial Sector Assessment Program and
IMF technical assistance recommendations. Banking sector indicators
remain sound. The reduction of the fiscal deficit over the past
three years, which has included substantial tax revenue increases,
has reestablished fiscal sustainability and contributed to external
adjustment.
At the same time, significant challenges and vulnerabilities remain.
Robust growth has resumed, but has reflected in part rapid growth of
credit and consumption, favorable weather, and high metals prices.
More progress is needed to continue the external adjustment, reduce
poverty, further restore buffers, and enhance the business climate
and private sector- and export-led growth. Implementation of the
authorities' stated policy plans should help address these challenges
and vulnerabilities.
The Executive Board takes decisions under its lapse of time procedure
when it is agreed by the Board that a proposal can be considered
without convening formal discussions.
http://www.armradio.am/en/2013/07/02/imf-executive-board-approves-84-million-disbursement-for-armenia/
11:13 02.07.2013
Armenia, IMF
The Executive Board of the International Monetary Fund (IMF)
today completed the sixth and final review of Armenia's economic
performance under a program supported by Extended Fund Facility (EFF)
and Extended Credit Facility (ECF) arrangements. The completion
of the review allows the authorities to draw an additional SDR 55
million (about US$84 million), bringing total disbursements under
the arrangements to the full SDR 266.8 million (US$407.2 million)
available. The three-year EFF and ECF arrangements with Armenia were
approved by the IMF's Executive Board on June 28, 2010. The Board's
decision on the sixth review was taken on a lapse of time basis.
Policies have largely delivered on the objectives of the
EFF/ECF-supported program, which concludes in September. Growth reached
4.7 percent in 2011, 7.2 percent last year, and continues to be strong
in 2013. Inflation has remained below the CBA's 4 percent target,
and shocks have been short-lived. The Central Bank of Armenia (CBA)
has permitted greater flexibility of the dram over the past year,
rebuilt reserves following sizeable intervention May-June 2012, and
strengthened the monetary framework and operations. The CBA has also
moved decisively to implement Financial Sector Assessment Program and
IMF technical assistance recommendations. Banking sector indicators
remain sound. The reduction of the fiscal deficit over the past
three years, which has included substantial tax revenue increases,
has reestablished fiscal sustainability and contributed to external
adjustment.
At the same time, significant challenges and vulnerabilities remain.
Robust growth has resumed, but has reflected in part rapid growth of
credit and consumption, favorable weather, and high metals prices.
More progress is needed to continue the external adjustment, reduce
poverty, further restore buffers, and enhance the business climate
and private sector- and export-led growth. Implementation of the
authorities' stated policy plans should help address these challenges
and vulnerabilities.
The Executive Board takes decisions under its lapse of time procedure
when it is agreed by the Board that a proposal can be considered
without convening formal discussions.